Life insurers have collected more than Rs 96.01bn in insurance premium over the first seven months of fiscal year 2024/25. According to Nepal Insurance Authority (NIA), the insurance sector regulator, 14 life insurance companies collected Rs 95.38bn in premium in the review period, while three micro insurers doing life insurance business collected Rs 625.2m in premium during the review period.

These companies collected Rs 14.83bn in premium in the seventh month (mid-January to mid-February) alone. Life insurance companies collected Rs 75.25 from renewal premium, Rs 18.43bn in new premium and Rs 1.7bn in foreign employment insurance premium. Similarly, micro insurers collected Rs 347.5m in first premium, Rs 272.7m in foreign employment premium and Rs 4.9m in renewal premium.

Nepal Life Insurance leads the life insurers in terms of premium collection. The company collected Rs 26.54bn in premium in the review period. National Life Insurance and Life Insurance Corporation (Nepal) were next with total insurance premium collections of Rs 11.23m and Rs 11.16m, respectively.

Total premium collections by these companies account for nearly half of the total premiums collected by 14 life insurance companies and three micro insurers. Among micro life insurers, Guardian Micro Life Insurance collected the highest premium of Rs 245.12m in the review period.

The number of active policies held by life insurers have reached 14.15m. Of this, 13.4m active policies are held by life insurance companies and 746,800 by micro life insurers. These companies issued 507,891 new policies, including 79,677 issued by micro insurers, in the review month alone. The total insured amount of these policies is Rs 158.82bn.

Meanwhile, net profit of life insurance companies increased by 14.85 percent in the first half of the current fiscal year. According to NIA, 14 insurance companies posted a combined net profit of Rs 3.48bn over the first six months of 2024/25 compared to Rs 3.03bn in the same period of the previous fiscal year.